It had posted a net profit of $46.7 million in the six months to December last year, up $43 million from the previous year.

Bradken has culled 1075 jobs all over the world, with a workforce of 5425. The Australian workforce was reduced by 14 per cent.

Bradken’s sales numbers from its rail division slumped by 33 per cent due to its reliance on bulk commodities such as iron ore and coal.

Hodges indicated cost cuts and job losses could continue next year, as the company cuts the fat “in line with lower activity levels”.

He also predicts mine activity across most commodities would slowly rise next year, with oil and gas demand staying resilient.

Moelis & Co analyst Adam Michell said Bradken’s business model was more successful than others as it deals widely with non-discretionary consumable mining products.

“Financial risk is a relatively controllable issue for the company, and if they can keep the cashflow coming in and keep capex under control they should still be able to pay a fairly decent dividend,” Michell said.

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